Singapore-based Azalea Investment Management has seen strong liquidity from its Astrea private equity fund series, driven by GP-led continuation vehicles. Justin Keh, managing director for investments, said these transactions have enabled exits across Astrea 5 to Astrea 8, with industry data showing 15 percent of exits now coming from GP-led secondaries.

Azalea, a subsidiary of Seviora and owned by Temasek, launched the Astrea series in 2006. The platform has benefited from multiple multibillion-dollar secondaries transactions, including continuation vehicles for Cloud Software Group and Globeducate. Recent data shows Astrea 6 has generated over $1.3 billion in cash distributions and $441 million in fair value gains since March 2021.

Azalea's latest offering, Astrea 9, raised $780 million in August 2025, making it the largest fundraise in the series. The fund has a $1.6 billion net asset value with 83 percent allocated to buyout funds from firms like Thoma Bravo and Warburg Pincus. Additionally, Azalea's Altrium Private Equity Fund III is targeting a final close in H1 2026 after collecting $262 million.